Highlights

An expected seasonal shift in the market meant 18.5% fewer homes were listed in August as we transitioned into the school year

Homes closed on average under list price for the first time in 2 years as sellers are realizing they can no longer price at the top of the market

Average days on market jumped from 13 to 19 days as buyers continue to show more patience with interest rates higher than earlier this year

inside the numbers

4,221

homes closed

sales price breakdown

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Average close price dropped 4.5% ($31k) as homes closed under list price on average for the first time since July 2020

5,170

new listings

new listings v. closed sales

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The gap between new listings & closed sales was half what we saw in July as a seasonal inventory decrease meant less homes to market

4,836

homes under contract

days on market by segment

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Buyers were more selective & patient as inventory stayed low & interest rates high, pushing days on market from 13 to 19 days on average overall

12,531

total homes available

inventory movement

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While new listings were down 18.5% from last month, overall available homes (new listings + active listings at month start) were up slightly

Data source: DMAR Real Estate Market Trends Report

The Denver Metro Area encompasses 11 counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson, and Park.

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